Guard Space Storage LLC, a Utah-based self-storage investor, has purchased a facility out of foreclosure in Port Charlotte, Fla., for $540,000. The 16,478-square-foot property at 19150 Peachland Blvd. was sold by Charlotte State Bank. The facility was previously owned by Albert Tiseo, who paid $1.8 million for the property in March 2006 but ceded ownership to the bank three months ago, records show.

The facility was built in 2008 and operated as DC Self Storage. The 2.5-acre site has approved plans to build a four-story, 86,000-square-foot building, according to LoopNet, a commercial real estate website.

The property is near major roadways, housing and commercial districts, including proximity to major retailers including Home Depot, Kohl’s and Walmart.